22 June 2018 | Martin Read
CBRE has acquired a majority interest in Israeli FM service provider Ramot Group.
The 25-year-old firm, based in Tel Aviv, employs more than 750 staff. It provides technical maintenance, project management, cleaning, reception administration and environmental health and safety services.
The Ramot Group will operate as part of CBRE's Global Workplace Solutions (GWS) business in Israel. Ramot has been a subcontractor to some of CBRE's corporate clients in Israel since 2009.
The acquisition of Ramot follows CBRE's purchase in April of another Israeli business, MAN Properties, which provides capital markets and leasing services to occupiers and investors in the office, technology and retail sectors.
Ian Entwisle, chief executive officer, GWS EMEA at CBRE, said: "This acquisition adds extensive and complementary market-leading facilities management expertise to our existing GWS capabilities as part of our integrated service offer for our occupier clients."
The Ramot acquisition follows CBRE's purchase in December of Geico Lender, a technical engineering services provider in Italy. This followed the integration of Norland Managed Services in the UK in December 2013, and the FM business of Johnson Controls in September 2015, adding to the group's capabilities in continental Europe.
The Ramot acquisition is subject to customary regulatory approvals.